The Reserve Bank of India has announced to introduce the Internal Ombudsman mechanism for the following two types of Non-Banking Financial Companies (NBFCs). These two types of NBFCs are Deposit-taking NBFCs (NBFCs-D) with 10 or more branches and Non-Deposit taking NBFCs (NBFCs-ND) with asset size of Rs.5,000 crore and above having public customer interface.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
Consequently, these two categories of NBFCs will have to appoint Internal Ombudsman (IO). The internal Ombudsman will be responsible for handling the public grievance at the entity level before the grievance is escalated to Ombudsman at RBI. RBI has given a timeline of six months to the NBFCs for the appointment of the Internal Ombudsman.
Important takeaways for all competitive exams:
The "Seven Sisters of Petroleum" were seven very powerful oil companies that controlled most of…
Flowers often represent the identity and culture of a place. They are chosen not only…
Deserts are places where very little rain falls and the weather is often extreme. Asia…
India's digital payments ecosystem continues to expand rapidly with UPI QR codes are growing by…
Chief Executive Officer and Managing Director of Air India Campbell Wilson has stepped down before…
Government of India has officially declared the Amaravati as the sole capital of Andhra Pradesh…